<SEC-DOCUMENT>0001062993-22-018421.txt : 20220818
<SEC-HEADER>0001062993-22-018421.hdr.sgml : 20220818
<ACCEPTANCE-DATETIME>20220818184823
ACCESSION NUMBER:		0001062993-22-018421
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220818
FILED AS OF DATE:		20220818
DATE AS OF CHANGE:		20220818

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Swanson Al
		CENTRAL INDEX KEY:			0001292270

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14569
		FILM NUMBER:		221178499

	MAIL ADDRESS:	
		STREET 1:		333 CLAY STREET, # 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLAINS ALL AMERICAN PIPELINE LP
		CENTRAL INDEX KEY:			0001070423
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				760582150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		333 CLAY STREET
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7136544100

	MAIL ADDRESS:	
		STREET 1:		333 CLAY STREET
		STREET 2:		SUITE 1600
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-08-18</periodOfReport>

    <issuer>
        <issuerCik>0001070423</issuerCik>
        <issuerName>PLAINS ALL AMERICAN PIPELINE LP</issuerName>
        <issuerTradingSymbol>PAA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292270</rptOwnerCik>
            <rptOwnerName>Swanson Al</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>333 CLAY STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1600</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77002</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP &amp; CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2022-08-18</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>138600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>138600</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>138600</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Grant of Phantom Units under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).</footnote>
        <footnote id="F2">One common unit is deliverable, upon vesting, for each Phantom Unit that vests.</footnote>
        <footnote id="F3">These phantom units will vest as follows: (a) Tranche 1, consisting of 69,300 phantom units, will vest on the August 2025 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 34,650 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 69,300 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2025 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks except that 0% payout for bottom two positions and 200% payout for top two positions, and with payout being subject to reduction by up to 25 basis points if actual TSR is negative); and</footnote>
        <footnote id="F4">(c) Tranche 3, consisting of 34,650 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 69,300 units) based on PAA achieving cumulative distributable cash flow (&quot;DCF&quot;) per common unit equivalent (&quot;CUE&quot;) of $7.05 over the three-year period ending June 30, 2025 (with such payout equaling 100% at cumulative DCF/CUE over such period of $7.05 and being equal to 0% for cumulative DCF/CUE over such period of $6.35 or lower and 200% for cumulative DCF/CUE over such period of $7.93 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2025 is greater than 3.5x).</footnote>
        <footnote id="F5">DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2023 distribution date; beginning in November 2023, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2025 distribution date with respect to each phantom unit that vests, if any, on such date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Al Swanson</signatureName>
        <signatureDate>2022-08-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
